The other advantage of removing negative gearing would be that...

The other advantage of removing negative gearing would be that unlike interest rate rises that only negatively affect the borrower removing negative gearing would do the job of several rate rises and the pain would be shared with the banks as a larger % of the money they have lent on property would actually be underwater ie if people walked away the banks would lose money, sure some homeowners would find themselves with negative equity as well but if they can continue to service the debt there shouldn't be a problem and under the current system they could lose their homes to interest rate rises anyway. Anyway you look at it this is a fairer outcome than the system we have now.